FAFSA Reference Guide - Nativity B.V.M. High School

TAKE A BITE OUT
OF COLLEGE CO$TS!
FILE THE...
Making Sense of the FAFSA
Learn How to Apply
for Financial Aid
PHEAA.org
TABLE OF CONTENTs
INTRODUCTION............................................................... 3
GETTING STARTED........................................................... 4
THE APPLICATION PROCESS............................................. 7
AFTER THE FAFSA......................................................... 16
Introduction
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Many students who attend higher education need
help covering the costs. Fortunately, financial
aid in the form of grants, scholarships, work,
and loans is available from the government,
private sources and colleges themselves.
There are a number of steps you must
take in order to receive financial aid. One
of the first and most important steps is
filing the Free Application for Federal
Student Aid (FAFSA). Many state, local and
private entities use the FAFSA to determine
eligibility for grants and scholarships.
This guide will explain the FAFSA
in detail and give you tips for
successfully completing the
process. Read on to see how
submitting the FAFSA is easier
than ever, and gives you access
to the largest source of financial
aid to help pay for your higher
education.
Mobile Friendly!
File the FAFSA for FREE at FAFSA.gov
3
GETTING STARTED
HOW DO I APPLY FOR FINANCIAL AID?
WHAT CAN I DO TO PREPARE?
The FAFSA application process will be much easier if you prepare in advance. By being
well-organized, the application process can be completed in as little as 30 minutes.
There are several steps you must take to apply for financial aid:
Begin by gathering the following information for yourself, and your spouse or parent(s)
if necessary:
• File the Free Application for Federal Student Aid (FAFSA®)
• Social Security Numbers
• Complete the PA State Grant Form
• Birthdates
• Check with the school(s) you are considering to see what applications they require
• Dates of marriage, divorce or separation (if applicable)
• Identify scholarships for which you may qualify and complete applications in
• Driver’s license number, if you have one (optional)
accordance with the eligibility guidelines
WHAT IS THE FAFSA?
The FAFSA is a federal form used to apply for financial aid. It is used for all forms of
federal aid, for the PA State Grant, for many school-based aid programs, and even for
some scholarships. This makes filing the FAFSA your crucial first step in receiving
financial aid for college.
WHEN SHOULD I FILE?
The FAFSA application process begins January 1 for the school year that begins any
time after July 1. This means high school students can file any time after January 1 of
their senior year. Since the FAFSA must be filed every year, students already enrolled
in college must remember to reapply after January 1 of each year they plan to attend.
WHAT IS THE APPLICATION DEADLINE?
Technically, the FAFSA can be filed at any point during the school year for which aid is
sought in order to receive certain types of federal aid, such as Pell Grant and student
loans. However, there are firm deadlines for filing the FAFSA in order to be considered
for the PA State Grant (May 1 or August 1; see page 15).
In addition, most schools have a deadline for filing the FAFSA
and other documents in order to be considered for their
school-based aid and some forms of federal aid.
These deadlines are often before May 1, and could
be as early as January or February.
To ensure you meet the application deadline
for financial aid:
• Alien registration number, if you are not a U.S. citizen
• Federal income tax form (1040, 1040A or 1040EZ)
• W-2 form(s)
• Records of untaxed income received, including workers’ compensation, child
support, payments to tax-deferred pension and savings plans, etc.
• Current bank statements and records of stocks, bonds and other investments
• Email address (optional)
To electronically sign your FAFSA and view your financial aid information online, you
(and your spouse or parent, if necessary) will need a Federal Student Aid Personal
Identification Number (PIN). A PIN can be obtained before or after you start your
FAFSA application. See page 12 for details on how to obtain a PIN.
WILL I NEED TO PROVIDE PARENT INFORMATION?
For the FAFSA, you will be asked a series of questions to determine your “dependency”
status for federal aid. Note that dependency criteria for federal aid purposes are
different from dependency criteria used by the Internal Revenue Service (IRS).
Your answers to these questions will determine whether or not parent
information must be provided.
• If you answer NO to all of these questions, you are considered
a dependent student and must provide parent information.
• If you answer YES to any of these questions,
you are considered an independent student and
no parent information is needed.
(See Next Page )
• Determine the application deadline for
each school you are considering
• Determine your PA State Grant FAFSA
filing deadline (May 1 or August 1)
• File the FAFSA before the earliest of all of
these deadline dates
4
File the FAFSA for FREE at FAFSA.gov
5
WILL I NEED TO PROVIDE PARENT INFORMATION? (Continued)
For the 2015-16 school year, the following questions will be asked:
• Were you born before
January 1, 1992?
• As of today, are you married?
• At the beginning of the 2015-16
school year, will you be working on a
master’s or doctorate program (such
as MA, MBA, MD, JD, Ph.D, Ed.D,
graduate certificate, etc.)?
• Are you currently serving on active
duty in the U.S. Armed Forces for
purposes other than training?
• Are you a veteran of the U.S. Armed
Forces?
• Do you now or will you have children
who will receive more than half of
their support from you between July
1, 2015 and June 30, 2016?
• Do you have dependents (other than
your children or spouse) who live with
you and who receive more than half
of their support from you, now and
through June 30, 2016?
• At any time since you turned age 13,
were both your parents deceased,
were you in foster care, or were you a
dependent or ward of the court?
• As determined by a court in your state
of legal residence, are you or were
you an emancipated minor?
• As determined by a court in your state
of legal residence, are you or were
you in legal guardianship?
• At any time on or after July 1, 2014,
did your high school or school
district homeless liaison determine
that you were an unaccompanied
youth who was homeless or were
self-supporting and at risk of being
homeless?
• At any time on or after July 1, 2014,
did the director of an emergency
shelter or transitional housing
program funded by the U.S.
Department of Housing and Urban
Development determine that you were
an unaccompanied youth who was
homeless or were self-supporting
and at risk of becoming homeless?
THE APPLICATION PROCESS
Now that you know what to do and have gathered your information, the next step is
the application process.
WHERE DO I BEGIN?
The application process begins with the FAFSA. There are three ways you can file:
1. File online at FAFSA.gov. This method of filing is strongly recommended.
• At any time on or after July 1,
2014, did the director of a runaway
or homeless youth basic center or
transitional living program determine
that you were an unaccompanied
youth who was homeless or were
self-supporting and at risk of
becoming homeless?
If you answer NO to all of these questions
but for some reason are unable to
provide parent information, contact the
Financial Aid Office at the school(s) you
are considering attending. They will
provide guidance on how to proceed with
the application process.
2. Download a PDF from FAFSA.gov.
3. Obtain a paper application by calling 800.433.3243. If you are hearing impaired,
contact the TTY line at 800.730.8913.
In addition to filing the FAFSA, you should also apply for PA State Grant (see page 14)
and check with each school you are considering to see if they require any other forms.
WHY SHOULD I FILE THE FAFSA ONLINE?
Filing the FAFSA online is the best way to file. There are many benefits for online filers:
• Turnaround time of 72 hours or less compared to 3 weeks or more
• Help on every screen, plus an online chat feature, email and live telephone
assistance
• Built-in edits to detect potential errors before you submit your application
• Built-in “skip logic” that allows you to skip certain questions that do not apply
to you
• Electronic transmission which ensures faster, more accurate data submission
• IRS Data Retrieval Tool which lets you pull income information from your tax returns
• Link to the PA State Grant Form to make that application process easier
• Easy correction and renewal processes since your information is already on file
6
File the FAFSA for FREE at FAFSA.gov
7
IS FAFSA.COM THE SAME AS FAFSA.GOV?
NO!!! FAFSA.com, FAFSA-application.com, and similar sites charge a fee for
submitting your FAFSA information.
Filing the FAFSA is FREE for all students. If there is a cost to file, you are not on the
official Department of Education website, FAFSA.gov.
WHAT SCHOOLS SHOULD I LIST WHEN ASKED,
“WHERE DO YOU WANT TO GO TO SCHOOL?”
List any schools you are considering attending, even if you have not yet applied or
been accepted. You can list up to 10 schools, and the results of your FAFSA will be
sent to all of these schools.
You can add or delete schools at any time, but you should allow 3-5 days for
processing of these changes. For each school, you must indicate if you will live on
campus, off-campus, or at home.
SHOULD I REPORT CENTS IN THE DOLLAR AMOUNTS?
No, do not report cents. Report amounts in whole dollars only.
WHAT YEAR’S TAX INFORMATION SHOULD I USE FOR
THE FAFSA?
The FAFSA requires income information for the most recent tax year. For example, if
you are completing the FAFSA to go to school in 2015-16, you will report 2014 income
information.
WHAT IF TAX RETURNS HAVEN’T BEEN FILED YET?
If you and your spouse or parent(s) (if applicable) will be filing a tax return but have not
yet completed it at the time of filing the FAFSA, you may provide estimates of income
on the FAFSA and correct it at a later date.
This is especially important if you are trying to meet a
school’s application deadline or the filing deadline
for the PA State Grant. It is critical that you meet
deadlines, even if it means making corrections to
your FAFSA at a later date. Remember – you can
always change data, but you can never change the
date on which your FAFSA was filed.
Use your legal name as
it appears on your Social
Security Card. Do NOT use
a nickname on the FAFSA.
The FAFSA’s built-in “skip logic”
may skip certain questions that
do not apply to you.
It is important that you answer
each question accurately.
8
File the FAFSA for FREE at FAFSA.gov
9
DO I HAVE TO REGISTER FOR SELECTIVE SERVICE?
Males between the ages of 18 and 25 are required to register with Selective Service.
Failure to register by age 26 may result in permanent loss of federal student aid
eligibility. If you select “Register Me” when you complete your FAFSA, Selective Service
will automatically register you. You can also register online at www.sss.gov.
If my biological parents have never been married to each other, but we all
live together in the same household, whose information should I provide on
the FAFSA?
If you live with both biological parents, you must provide information on both parents
regardless of their marital status or gender.
What assets do I need to report?
WHAT IS THE IRS DATA RETRIEVAL TOOL?
When you file the FAFSA online, the IRS Data Retrieval Tool allows certain applicants
to request and retrieve their tax data directly from the IRS. Once the data is retrieved,
it can be transferred to the FAFSA, helping to reduce errors.
If tax returns are filed electronically, this option should be available about 2 weeks
after filing. If tax returns are submitted by mail, this option is not available until 6-8
weeks after filing.
You may need to provide information on the FAFSA about assets for you and your
spouse or parent(s), if applicable. In some cases, the FAFSA will allow you to skip all
asset questions. After the FAFSA is filed, the schools you are considering may contact
you for additional asset information.
Assets that you may need to report on the FAFSA include:
• Value of cash, checking and savings accounts at the time the FAFSA is being filed
• Investments such as stocks, savings bonds, CDs, and mutual funds
The “Help” icon on the FAFSA offers assistance with this process.
• 529 Plans – The value of all 529 Plans owned by a parent or a parent’s dependent
children must be reported as a parent asset on the FAFSA.
IRS DATA RETRIEVAL TOOL VERIFICATION
• Coverdell accounts – If the parent is the owner of the account, the value is reported
Approximately 2 weeks after electronically filing taxes –
log into FAFSA.gov
1
1. Go to the Financial Information tab.
on the FAFSA as a parent asset. Parents should report the value of all accounts for
all family members, not just the one for the student applying for aid. For accounts
established by someone other than the student’s parent, the value of the account is
not reported on the FAFSA.
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2. Change the tax question to Already Completed.
Answer the questions; the IRS link will be shown if all
answers are NO.
• UGMA and UTMA accounts
3. Enter parent PIN, click on LINK TO IRS.
FOLLOW THE PROMPTS to go to the IRS page and transfer the
tax return information into the FAFSA.
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• Custodial accounts
• Rental properties owned by the student or parent(s)
The transferred information will be displayed.
Do not change IRS tax information that has been transferred.
4. Click NEXT after reviewing information.
Assets that you do not report on the FAFSA include:
If student filed taxes, repeat steps.
5. Proceed to the SIGN and SUBMIT page – enter PIN, agree
• The home you live in
to privacy terms and SUBMIT the new verified FAFSA
information.
Visit
An updated SAR will be sent via email and the student’s school
choices will receive the updated FAFSA information.
FAFSA.gov
If updated info changes an award package, a new award package
will be sent to the student.
today!
3
4
• The value of life insurance
• The value of qualified retirement plans (401K
or 403b plans, pension funds, annuities, noneducation IRAS, Keogh plans, etc.)
• A family farm, if the farm is your principal
residence and your family operates the farm
• A family business, if your family owns and
If I am a dependent student and my parents are separated or divorced,
whose information should I provide on the FAFSA?
controls more than 50 percent of a small
business that has 100 or fewer full-time or
full-time equivalent employees
Provide information for the parent you lived with the most during the past 12 months.
If you lived with both parents equally, provide information for the parent who gave you
the most financial support over the past 12 months. If the parent you are reporting has
remarried and you have a stepparent, you must include information for that stepparent
as well.
10
File the FAFSA for FREE at FAFSA.gov
11
What if I have special circumstances?
What else can I do with my PIN?
Sometimes, the information on the FAFSA doesn’t accurately reflect your financial
situation. If you or your family have unusual financial circumstances, contact the
Financial Aid Office at each of the schools you are considering attending.
A PIN allows you to access your financial aid information at the following U.S.
Department of Education websites:
The following are examples of situations the Financial Aid Office may be able to
consider.
• Recent unemployment or retirement
• Loss of income
• High medical expenses not covered by insurance
• Death or disability of a spouse or parent
• Unusual circumstances, such as living with a relative
You should also go to PHEAA.org or call PHEAA at 800.692.7392 for guidance on how
to report this information to PHEAA with regard to your eligibility for the PA State
Grant.
• FAFSA.gov – Complete and sign your FAFSA, access the IRS data retrieval and
transfer process, submit corrections to your processed FAFSA, obtain a copy
of your processed FAFSA information, and add or delete schools from your
application.
• NSLDS.ed.gov – View a history of the federal student financial aid you have
received, including all of your federal student loans.
• StudentLoans.gov – Electronically sign a Master Promissory Note (MPN) for your
Direct Loans and complete borrower entrance counseling.
Once I sign with the PIN, what happens next?
Once you submit your signed FAFSA, you will receive a confirmation page. If you
provided a valid email address, the confirmation page will be emailed to you. You can
also print this page, if you wish.
Who must sign the FAFSA, and how is that done?
The FAFSA must always be signed by the student. It must also be signed by a spouse
or parent, if their information is being provided.
The best way to sign the FAFSA is with a Personal Identification Number (PIN). When
filing online, the PIN is used in place of an actual signature. Each person signing the
FAFSA must apply for their own PIN.
NOTE: In spring 2015, the U.S. Department of Education will replace the PIN with a
new username and password login process.
How do I get a PIN?
You can apply for a PIN at pin.ed.gov. A PIN can be obtained before you begin filing the
FAFSA, or you can apply once you reach the signature screen.
Next, click on the link which allows you to apply for the PA State Grant. First-time
applicants for a PA State Grant are required to complete the PA State Grant Form
(SGF), which you can do at this time.
Click on “Start your state application” to be taken to the page to complete the PA
SGF. After entering the requested data, pay special attention to the instructions for
signing and submitting the
signature page.
12
File the FAFSA for FREE at FAFSA.gov
13
Who is American Education Services?
PHEAA conducts its student loan servicing operations commercially as American
Education Services (AES). AES created Account Access to provide a way for borrowers
to manage their student loans online. PHEAA uses this secure service from AES
to support students who participate in some of the aid programs which PHEAA
administers. So PHEAA and AES are one organization with two separate “brands.”
What are the deadlines for applying for a PA State Grant?
FIRST-TIME APPLICANTS
MAY 1 — If you plan to enroll in a degree program or a college transferable
program at a junior college or other college or university (excludes community
colleges), you must submit the FAFSA and the PA SGF.
AUGUST 1 — If you plan to enroll in a community college, a business,
trade, or technical school, a hospital school of nursing, a Pennsylvania“
open admissions” institution (visit PHEAA.org for a list of these schools),
or a non-transferable 2-year program, you must submit the FAFSA and the PA SGF.
RENEWAL APPLICANTS
May 1 — You must submit a renewal FAFSA and any appropriate State Grant
documents indicating any changes that may affect your State Grant award, such as
a change in your marital status or a change in your income.
SUMMER-TERM APPLICANTS
AUGUST 15 — You must submit the online Summer State Grant application. You
must also have submitted the FAFSA and, if required, the PA SGF.
What if I exit the FAFSA without clicking on the link to the PA SGF?
The link to the PA SGF is available only when the confirmation page is first sent to you.
If you exit the FAFSA without clicking on the link, it’s not a problem. Wait 24 hours,
then visit Account Access at PHEAA.org to complete the SGF.
What is Account Access?
Account Access is PHEAA’s online student information tool that provides information
in a single, secure website. With Account Access, you can complete the PA SGF, check
the status of your aid applications, and review/update your personal information.
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YOU M
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File the FAFSA for FREE at FAFSA.gov
15
AFTER THE FAFSA
Once you have completed the FAFSA and the PA SGF, use this section to keep track of
what you’ve done.
MY FAFSA COMPLETION RECORD
Date I submitted my FAFSA (Received Confirmation Page):
If income and tax info was estimated, I understand that I need to
return to the FAFSA to correct this information as soon as I can.
Correction Date for income and/or tax information:
I used the IRS Data Retrieval Tool on this date:
Income and tax info was NOT estimated when I submitted the FAFSA.
I used the IRS Data Retrieval Tool on this date:
NOTES:
How will I be notified of my FAFSA results?
If you provided an email address on your FAFSA, the Department of Education will
notify you by email when your FAFSA has been received and processed. If you did not
provide an email address, you will receive correspondence by regular mail. If you have
any questions about the processing of your FAFSA, you can call 800.4.FED.AID for
assistance.
The notice you will receive is called a Student Aid Report (SAR). The SAR summarizes
all of the information you provided on the FAFSA. When you receive the SAR, you
should check to see if there are any errors which must be corrected.
What if I need to make corrections to the FAFSA?
Changes to financial information on the FAFSA are permitted only if you provided
incorrect or estimated information when you initially filed.
If you need to make corrections to your FAFSA, visit FAFSA.gov and use your PIN to
access your FAFSA. Make the necessary corrections, sign using your PIN, and submit
the changes.
If you provided estimated income information on the FAFSA and have since filed
federal tax returns, you should use the IRS Data Retrieval Tool to update your
information. See page 10 for tips on using the Data Retrieval Tool.
Be sure to update your FAFSA Completion Record on page 16 once your updates have
been made.
How will I know if I am eligible for financial aid?
Your first indication of aid eligibility will come from the confirmation page you receive
as soon as you submit the FAFSA. Here you will be informed of your possible eligibility
for the Federal Pell Grant and for federal student loans. This information is also
provided on the SAR you will receive a few days later if you provided a valid email
address.
E THE
TO CHANG
ISTED
SCHOOLS L :
FSA
ON THE FA
Log on to FAFSA.gov, using your PIN, to add or delete a school
code. Or call the Federal Student Aid Information Center at
800.4.FED.AID / TTY (Hearing Impaired) 800.730.8913.
The schools you send your FAFSA data to will then
send you information about your eligibility for
federal aid and their school-based aid.
Beginning in mid-May, PHEAA notifies
students of their eligibility for
the PA State Grant.
What happens after I submit the FAFSA?
When you submit the FAFSA, it is processed by the U.S. Department of Education. The
data is then sent to PHEAA for consideration for a PA State Grant, and also to each
school you listed on your application. The schools use this information to consider you
for federal aid and their own school-based aid. When you file online at FAFSA.gov, this
process is usually completed in a few days.
16
File the FAFSA for FREE at FAFSA.gov
17
What does Expected Family Contribution mean?
The confirmation page and the SAR will each indicate your Expected Family
Contribution (EFC). This number is calculated by the U.S. Department of Education
and is based on the income and asset information you provided on your FAFSA. For
federal aid, the EFC will be the same no matter which school you attend.
Contrary to its name, the Expected Family Contribution is NOT the amount you will
actually pay for college expenses; in fact, it is likely you will pay more. Instead, it
is used by the Financial Aid Office to determine the types of aid you are eligible to
receive.
In general, a lower EFC (which could be as low as zero) means greater eligibility for
need-based aid such as grants, subsidized student loans, and Federal Work-Study. As
the EFC gets higher (into the thousands) it is more likely that you will need to rely on
sources of aid which are not based on need, such as merit scholarships, unsubsidized
student loans, and Parent PLUS Loans.
All of this is determined by the Financial Aid Offices at the schools you are
considering, and they will notify you accordingly. Once you have completed your
FAFSA, it is very important that you remain in contact with those offices until you
decide where you will attend.
How much financial aid can I receive?
Each year, you may receive financial aid up to the total cost of the school you attend,
regardless of your EFC. This aid can come from many different sources. The key is to
determine what type of aid you will be receiving.
How can I tell what type of financial aid is being offered to me?
It can be challenging to interpret the financial aid award information that a
school sends to you. This can make it difficult to compare one school to another.
Understanding the different types of aid available to you, and knowing what key words
to look for, will make this process much easier.
Gift aid is a term often used to describe “free” money.
Gift aid does not have to be earned or repaid.
It typically comes in the form of grants and
scholarships, so look for those two words.
You can receive both grants and scholarships, and they can come from multiple
sources:
• Grants are usually based on your financial need, meaning they are based on factors
such as income and assets; they usually come from the federal government, the
state government, the school, or some combination of these sources.
• Scholarships are usually based on some type of merit, such as grades, SAT®
scores, or a special talent; they can come from the school, from private sources, or
from both.
Gift aid often comes with conditions. For example, you may lose a scholarship from
your school if you change your major or do not maintain a certain Grade Point Average
(GPA). Or a grant may convert to a loan if you do not meet certain conditions during,
or even after, the time you are enrolled. So be sure to look for any conditions that
have been placed on your awards, and ask questions if there is anything you do not
understand.
Work is another form of aid which may be available to you. It may be described as
Federal Work-Study, student employment, or some other term. This is money which
must be earned in some way. It is not free, and it is not guaranteed that you will
receive the total amount indicated. Therefore, this type of aid is usually not deducted
off the bill you receive from the school.
Work is often referred to as “self-help” aid. In your award information, look for key
words such as work, employment or assistantship. Be sure to ask for details on how
this form of aid can be earned.
Loans are available for students and parents, and are another form of “self-help” aid.
This is the least desirable form of aid, because loans must be repaid with interest.
Most loans are made through the federal government, but many students borrow from
private sources as well.
In your award information, loans should be clearly identified.
Look for key words such as Direct Subsidized Loan, Direct
Unsubsidized Loan, Perkins Loan, PLUS Loan, or any
combination of these. All of these are loan programs, and
these funds must be repaid with interest at a later date.
SAT is a registered trademark of the College Board, which was not involved in the
production of, and does not endorse, this product.
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File the FAFSA for FREE at FAFSA.gov
19
AWARD COMPARISONS
How can I compare schools?
Now that you know what to look for, the next step is to ask a few very important
questions. The answers to those questions will help you compare schools.
Name of College:
• How much of this aid is gift aid (grants or scholarships)?
Cost of Attendance:
_______________
_______________
_______________
• Are there any conditions on the gift aid?
Tuition and Fees
$______________
$______________
$______________
• For how many years can each form of gift aid be received?
Room and Board
$______________
$______________
$______________
• How will the school treat any scholarships received from private sources?
Books/Supplies
$______________
$______________
$______________
• Will you be able to earn the full amount offered through work?
Other Expenses
$______________
$______________
$______________
• How much am I (or my parents) expected to borrow through loans?
Total Cost:
$______________
$______________
$______________
Pell Grant
$______________
$______________
$______________
State Grant
$______________
$______________
$______________
FSEOG Grant
$______________
$______________
$______________
Scholarships
$______________
$______________
$______________
Total Gift Aid
$______________
$______________
$______________
Actual Contribution
(Cost minus gift aid)
$______________
$______________
$______________
Perkins Loan
$______________
$______________
$______________
Direct Loan
$______________
$______________
$______________
Work-Study
$______________
$______________
$______________
Total Self-Help:
$______________
$______________
$______________
Total Financial Aid
(Gift Aid + Self-Help)
$______________
$______________
$______________
COST – TOTAL AID:
$______________
$______________
$______________
Once you have these answers, the next step is a very simple math problem.
The total cost of the school (taking ALL costs into consideration)
– The total gift aid being offered to you from all sources
= The amount you and your parents are expected to cover, one way or the other.
Think of the amount you need to cover as your Actual Family Contribution. It is the
amount you and your family must actually cover through any work or loans being
offered to you, through personal savings, or even through more borrowing.
Do this simple math for each school you are considering. By comparing your Actual
Family Contribution for each school, you will have a very good idea of how much each
school is going to cost you. You can then decide if you want to accept the work or loans
being offered to you.
Finally, consider how long you plan to be in college. The award information you get will
be based on 1 year of attendance. Whether you plan to enroll for 2 years, 4 years, or
more, you must consider the TOTAL cost of your
education, not just the cost for the first year.
On page 21 is a chart you can use to compare
financial aid award information you receive from
each of the schools you are considering. Use
this to help you organize your thoughts and to
make a decision which is best for you.
20
Gift Aid (Free $):
Self-Help Aid:
The key figure on this worksheet is the
Actual Contribution, which is cost minus
gift aid. Ultimately, cost minus free money is
the amount the student will be responsible
to cover. This can be met through the selfhelp aid listed, through family resources
such as savings or income, or through
additional borrowing (e.g. Federal PLUS loan
for parents).
Visit PHEAA.org Today.
File the FAFSA for FREE at FAFSA.gov
21
CHECK OUT THESE
ADDITIONAL WEBSITES
EducationPlanner.org
offers in-depth resources to help
students learn about and explore
hundreds of careers, colleges
and financial aid opportunities.
1
2
The U.S. Department of
Education offers information on
federal guidelines for student
financial aid programs and
how to manage student loans.
They also operate the following
websites:
PHEAA.org
offers information on
Pennsylvania’s grant, scholarship
and work-study programs.
1. studentaid.ed.gov
2. StudentLoans.gov
3. FAFSA4caster.ed.gov
3
4. collegecost.ed.gov
5. nces.ed.gov/collegenavigator
YouCanDealWithIt.com
offers college students
and recent graduates a
comprehensive guide to financial
decisions and situations that they
will soon encounter.
4
5
22
File the FAFSA for FREE at FAFSA.gov
23
Created in 1963 by the Pennsylvania General Assembly, the Pennsylvania Higher Education Assistance
Agency (PHEAA) has evolved into one of the nation’s leading student aid organizations. Today, PHEAA
is a national provider of student financial aid services, serving millions of students and thousands of
schools through its loan guaranty, loan servicing, financial aid processing, outreach, and other student
aid programs.
PHEAA’s earnings are used to support its public service mission and to pay its operating costs,
including administration of the Pennsylvania State Grant and other state-funded student aid
programs. PHEAA continues to devote its energy, resources and imagination to developing innovative
ways to ease the financial burden of higher education for students, families, schools, and taxpayers.
PHEAA conducts its student loan servicing activities nationally as American Education Services (AES) and
FedLoan Servicing.
BOARD OF DIRECTORS
Representative William F. Adolph, Jr.
Chairman, Springfield
Senator Vincent J. Hughes
Philadelphia
Senator Joseph B. Scarnati, III
Jefferson
Senator Wayne D. Fontana
Vice Chairman, Pittsburgh
Representative Sandra J. Major
Montrose
Chancellor Timothy R. Thyreen
Waynesburg
Representative Matthew Bradford
Worcester
Representative Michael Peifer
Greentown
Senator Robert M. Tomlinson
Bensalem
Representative Mike Carroll
Avoca
Mr. D. Raja
Pittsburgh
Senator Sean Wiley
Erie
Senator Mike Folmer
Lebanon
Honorable Roy Reinard
Holland
Senator John N. Wozniak
Johnstown
Representative Jaret Gibbons
Ellwood City
Representative James R. Roebuck, Jr.
Philadelphia
PA Secretary of Education
These materials have been developed and paid for by the
Pennsylvania Higher Education Assistance Agency (PHEAA) for
informational purposes. Although the Information contained
in this document is believed to be accurate at the time of
printing, PHEAA does not guarantee its accuracy. You should
independently verify that this information is correct.
RG-ESFPE
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